Housing affordability in Canada continues to be a key concern for many, even as the latest data shows some progress. In Q2 2026, the national affordability reading improved for the 11th consecutive quarter, reaching around 41%. This positive shift has been supported by a combination of lower home prices, reduced borrowing costs, and rising incomes. That said, the reality on the ground remains challenging—housing expenses still consume roughly two-fifths of the average household’s income. It’s important to remember that these figures are based on average disposable income, which can make the situation appear better than it feels for many families whose earnings are closer to the median. As a REALTOR® working in Greater Vancouver since 2010, I see firsthand how these broader trends intersect with our local market. While earlier rate cuts and a 20% national price drop since 2022 have offered some respite, limited rate relief and slow income growth suggest we may see further adjustments in prices ahead. Understanding these market dynamics is essential for anyone considering their next move in real estate.
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